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MARKET WRAP: Bitcoin $BTC is declining less than alts, indicating a lower appetite for risk among traders. Meanwhile, global officials are calling for more crypto regulations.

#Bitcoin dominance is advancing 1% today, and is up around 10% since the collapse of Terra Luna and $UST, signaling that investors are selling their more speculative altcoins for $BTC. Watch Chart of the Day, presented by @cryptocom :

What's an appropriate regulatory approach to algorithmic stablecoins? "The natural endpoint is that algorithmic stablecoins are simply told 'you need to be collateralized because that's the only way you can protect your users,'" @MakerDAO 's @RuneKek  says.

Former @BitMEX  CEO Arthur Hayes will face sentencing in a New York court on Friday. Hayes pleaded guilty in February to violating the Bank Secrecy Act – and could spend up to a year in prison for his crime. @cheyenneligon  reports

@coinbase  has embarked on a series of cost-cutting measures, including pausing new hiring for two weeks and slashing cloud spending on Amazon Web Services, according to The Information. $COIN By @mikeybellusci 

The @CFTC  has charged two U.S. residents with running a multi-year $44 million crypto Ponzi scheme. @cheyenneligon  reports

With #bitcoin  steadying below $30,000, and a look at the human costs of speculation, CoinDesk’s Markets Daily is back with the latest news roundup. Tune in here for the latest news roundup:

Crypto exchange @kucoin  will devote part of its recent $150 million raise to expand technical features and support developers building on KCC, a public blockchain, the firm told @CoinDesk . @shauryamalwa  and @JPRubin23  report


🔔 ProShares rings the bell, launching the first U.S. #bitcoin  futures ETF $BITO on the @NYSE .

Memecoin project baby doge partners with Bundesliga football club TSG Hoffenheim for promotional NFTs and advertisements. By @shauryamalwa 

@CoinbasePro  has listed Dogecoin, with trading expected to begin on Thursday. @nikhileshde  reports

Elon Musk, CEO of Tesla, has officially gone public with his belief cryptocurrency offers an improved alternative to conventional money.

JUST IN: Starting today, @Twitter  users on iOS will be able to connect to third-party #bitcoin  tipping services. @jack 's social media site is also rolling out NFT verification. @zackseward  reports

Officially this time: El Salvador's @AsambleaSV  formally voted to adopt bitcoin as legal tender in an early Wednesday morning vote. #LeyBitcoin  @nikhileshde  reports @nayibbukele 

SCOOP: Fintech giant @PayPal  plans to offer direct sales of cryptocurrency to its 325 million users, according to three people familiar with the matter. @IanAllison123  reports

NEW: Ethereum founder @VitalikButerin  has told dog-themed memecoin creators to bark up another tree, moving trillions of tokens he was gifted. A billion dollars worth of $SHIB was sent to an Indian COVID relief fund. @zackseward  reports

BREAKING: @Tesla  has disclosed purchasing $1.5 billion in bitcoin. It's also planning to accept bitcoin payments soon. Via @Dan_Z_Palmer